A Midlands-based pension adviser firm has failed and been declared in default by the Financial Services Compensation Scheme, the industry compensation safety-net.

The Financial Services Compensation Scheme has declared in default Cornwall-based investment firm European American Capital Services Limited which traded as EA Capital (FRN: 401897).

The Financial Services Compensation Scheme, the consumer financial safety net service, has declared a wealth manager as failed, opening the door to clients to claim compensation.